Leading multi-asset class trading firm ’24 Exchange’ within Bermuda secures major regulatory approval permitting it to offer cryptocurrency trading services.
OTC trading platform 24 Exchange acquires a “Class T” digital asset business license from the BMA [Bermuda Monetary Authority] to roll out cryptocurrency trading on its institutional-grade platform. The firm officially revealed earlier on Tuesday that the new license was granted under the Bermuda Digital Asset Business Act 2018.
With the newly received license, 24 Exchange is getting to launch physical cryptocurrency trading to its institutional clients later this summer. Specializing in exchange non-deliverable forwards [NDFs], or two-party cash-settled derivatives contracts, 24 Exchange also expects to introduce a trading capability with NDFs in Bitcoin [BTC] and Ethereum [ETH].
In order to secure the license, 24 Exchange has been working closely with the Bermuda Government’s Office of FinTech, the Bermuda Business Development Agency, along Bermuda Premier David Burt. The Premier reportedly highlighted that the newest regulatory approval is among the “first license of its kind to be issued in Bermuda,” which the state is looking forward to “having these innovative digital pioneers blazing new trails” within the country.
Launched earlier in 2019, 24 Exchange focuses on offering institutional investors diverse asset exposures 24 hours each day and at rock bottom possible cost. The firm intends to expand its platform’s capability within the future to incorporate all possible assets.
“We shall expand our platform’s trading capability within the future to encompass all the other assets on our exchange – all at the best available rates. 24 Exchange’s unique NDF offering will significantly facilitate the institutional adoption of crypto products across the world,” 24 Exchange CEO and founder Dmitri Galinov outlined.